16 Feb 2015
Canadian dollar erases gains
FXStreet (Mumbai) - The CAD erased gains, taking the USD/CAD pair higher to 1.2469 levels from the low of 1.2420 seen earlier today.
CAD weakens despite strength in Crude
The Canadian dollar erased gains to trade weak despite the strength in the Crude prices in the US. WTI Crude for April delivery currently trades at USD 53.75/barrel, up 0.15% for the day. Oil prices recovered from the low of USD 52.92, despite which the CAD failed to sustain gains. However, Oil too, failed to sustain gains at the session high of USD 54.42, which could have weighed over the CAD.
Given the empty North American economic calendar, the pair is likely to take cues from the movement in oil prices for the rest of the day.
USD/CAD Technical Levels
The pair now trades 0.16% higher at 1.2467. The immediate resistance is seen at 1.2501 (5-DMA), above which gains could be extended to 1.2535. On the flip side, support is seen at 1.2420 and 1.2371 levels.
CAD weakens despite strength in Crude
The Canadian dollar erased gains to trade weak despite the strength in the Crude prices in the US. WTI Crude for April delivery currently trades at USD 53.75/barrel, up 0.15% for the day. Oil prices recovered from the low of USD 52.92, despite which the CAD failed to sustain gains. However, Oil too, failed to sustain gains at the session high of USD 54.42, which could have weighed over the CAD.
Given the empty North American economic calendar, the pair is likely to take cues from the movement in oil prices for the rest of the day.
USD/CAD Technical Levels
The pair now trades 0.16% higher at 1.2467. The immediate resistance is seen at 1.2501 (5-DMA), above which gains could be extended to 1.2535. On the flip side, support is seen at 1.2420 and 1.2371 levels.